New Brighton, Minn (August 4, 2016) – Last year, CU Companies implemented an internal communications process called Q5, in order to maintain consistent mortgage loan file updates to the credit union or bank partner, the borrower, and the borrower's real estate agent. As one year has passed, CU Companies recognizes the success that Q5 has brought to the organization.
"Since implementation, our service scores have improved almost a full point to a 5.6 out of 6," noted CU Companies CEO Brad Crandall. "Q5 allows everyone involved in the mortgage process to be on the same page. It helps the loan move faster and it eliminates insecurities. You cannot underestimate the value of peace of mind."
Change in mortgage regulations made a smooth process flow more difficult so Q5 was the answer to help keep the loan moving and the borrower informed. The borrower is contacted every five days--even when the file is in a holding pattern--and at least five points are communicated to the borrower as the loan moves through closing.
The Q5 process has positively impacted both of CU Companies' lending channels. Retail lending partners stay informed on where their borrower is at throughout the process. They expect a high level of service, and have seen service improve over the last year. Correspondent lenders have also noted that Q5 has helped with turn time expectations as they are laid out upfront and followed through accordingly.
"The positive feedback we have received since implementing Q5 one year ago has been overwhelming. Gaining trust from our partners and borrowers is invaluable, and we will continue to keep customer service a top priority," said Crandall.
About CU Companies: CU Companies was founded in 1987 by three Minnesota credit unions to offer a competitive mortgage solution for their members. Now CU Companies is owned by over 60 credit unions in Minnesota and offers a wide range of products and services to numerous credit unions and community banks across the nation. For more information, click to www.cucompanies.com. CU Companies is a DBA of C.U. Mortgage Services, Inc., NMLS #1037. Equal Housing Lender.